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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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A bank meeting for the €169m loans backing PAI Partners’ buyout of airfield lighting firm ADB Solutions was well attended, according to bankers close to the deal, with investors expected to commit to the facility by the end of the month.
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Russian mining company Mechel has signed a Rb40bn ($1.29bn) five year loan with VTB Bank, which will help repay existing loans from the same lender.
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Kabel Deutschland has reversed flexed the pricing on its new seven year term loan ‘H’ after the German borrower received a strong response from investors in syndication.
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Prayon, the Belgian phosphate products manufacturer, has signed debut loan facilities totalling €165m.
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Spotless’s existing lenders have consented to a new €70m add-on facility for the French cleaning products firm, with the new term loan ‘B’ more than twice covered in syndication.
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Pramerica Investment Management has successfully priced the European CLO market’s second leveraged loan CLO of the year, Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market.